KUALA LUMPUR: Dijaya Corp Bhd's share price almost hit a five-month high yesterday after the company's announcement of a big land buy on Wednesday, but analysts were not convinced it could win over more investors despite plans for a RM2-5 billion mixed development project- Dijaya has not been on investors' radar partly because it is a tightly-held company, namely by group chief executive officer Tan Sri Datuk Danny Tan Chee Sing- Tan, brother to Berjaya Corp Bhd's chairman, Tan Sri Vincent Tan Chee Yioun, is Dijaya's substantial shareholder holding a 30-78 per cent stake- He also holds another 36-44 per cent stake in the company via Impeccable Ace Sdn Bhd and Golden Diversity Sdn Bhd- Analysts have lamented that the stock's low liquidity and trading volume, less than 80,000 in the last one year, hinders investors' interest- "Although the latest land deal would raise some eyebrows but it's not considered 'sexy' when compared to Dijaya's plan to build a RM750 million hotel-cum-residential block on where the historical Bok House used to sit in Jalan Ampang," said an analyst- Dijaya signed a collaboration agreement with hotel and leisure group Starwood Hotels & Resorts Worldwide Inc to develop the six- star hotel called W Hotel last April- Dijaya, known for its flagship Tropicana Golf & Country Resort and Tropicana Indah Resort Homes development in the Klang Valley, said it would continue to look for investment opportunities to expand its landbank- On Wednesday, the developer bought RM391-1 million worth of land in Subang, Selangor, and Kampar, Perak, pushing its stock to close at RM1-2 yesterday, its highest closing price since January 17 2011- Year-to-date, the closing price was a significant 16-5 per cent jump or a 17-sen rise, the second highest increase among property stocks- ...

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